Hazel Ren Egy VCT1 Hazel Renewable Energy Vct 1 Plc : Shareholder Update

 
TIDMHR1O 
 
   Hazel Renewable Energy VCT1 plc 
 
   Shareholder Update 
 
   28 April 2017 
 
   The Company has today sent letters to all Shareholders updating them on 
the progress in respect of plans following the result of the General 
Meeting in January.  The text of the letter is as follows: 
 
   "Dear Shareholder 
 
   As you will be aware from previous correspondence, on 19 January 2017, 
the Company ("Hazel 1") and its sister company, Hazel Renewable Energy 
VCT2 plc ("Hazel 2") held General Meetings for Shareholders to vote on 
resolutions for the companies to continue as Venture Capital Trusts for 
the next five years. 
 
   Shareholders in your Company voted in favour of continuation, however 
shareholders of Hazel 2 voted against the resolution. The Board of Hazel 
2 are therefore now obliged to produce proposals "for the voluntary 
liquidation, reconstruction or other reorganisation" of Hazel 2.  As the 
two companies operate closely together and hold an identical investment 
portfolio, your Board has been working closely with the Hazel 2 Board, 
seeking to ensure that any Hazel 2 proposals do not have a negative 
impact on Hazel 1 Shareholders. 
 
   The differing outcomes of the shareholder votes has presented a 
significant challenge to the Boards in developing proposals which both 
maintain Shareholder value and offer a satisfactory way forward for all 
Shareholders. The two Boards have so far engaged with a number of 
parties, including Hazel Capital, the Investment Advisor, who may be 
able to help to provide a satisfactory solution and work is ongoing with 
these parties to allow them to produce formal proposals. A consultant 
has been appointed to assist with this process, which is expected to 
take some time. 
 
   The Board believes that this work is likely to result in some proposals 
for Hazel 1 Shareholders in addition to those for Hazel 2 shareholders. 
We estimate that such proposals will be ready to be presented to 
Shareholders by August. 
 
   I look forward to updating you on the developments as they arise. 
 
   Yours sincerely 
 
   Michael Cunningham 
 
 
   Chairman" 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Hazel Renewable Energy VCT 1 plc via Globenewswire 
 
 
  http://www.hazelcapital.com 
 

(END) Dow Jones Newswires

April 28, 2017 11:34 ET (15:34 GMT)

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